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Other Assets
 6 Months Ended
Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
The following table summarizes the components of other assets:
in thousandsJune 30, 2024December 31, 2023
Derivative instruments$4,210 $4,818 
Deferred rent3,332 2,994 
Prepaid expenses1,798 713 
Capitalized tax abatement, net(1)
1,280 1,363 
Receivables, net541 688 
Deposits144 — 
Other727 791 
Total$12,032 $11,367 
(1)We obtained a tax abatement in conjunction with our purchase of the 3101 Agler property with an expiration date of December 31, 2031. We are amortizing the tax abatement over its remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of June 30, 2024, accumulated amortization of the capitalized tax abatement was $0.4 million.
Derivative Instruments
We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate risk, primarily by managing the amount, sources, and duration of our investments, borrowings, and the use of derivative financial instruments. Specifically, we use derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings.
The following table summarizes the notional amount and other information related to our interest rate caps and interest rate swaps as of June 30, 2024 and December 31, 2023:
June 30, 2024
in thousandsNumber of Instruments
Notional Amount(1)
Fixed AmountFair ValueWeighted Average Strike Rate/Fixed RateWeighted Average Remaining Term In Years
Interest rate caps4$188,500 $2,578 $2,034 3.29%0.61
Interest rate swap152,500 N/A2,176 2.73%2.83
Total5$241,000 $2,578 $4,210 
December 31, 2023
in thousandsNumber of Instruments
Notional Amount(1)
Fixed AmountFair ValueWeighted Average Strike Rate/Fixed RateWeighted Average Remaining Term In Years
Interest rate caps4$178,500 $2,601 $3,320 2.64%1.14
Interest rate swap152,500 N/A1,498 2.73%3.33
Total5$231,000 $2,601 $4,818 
(1)The notional amount represents the amount of the mortgage note and revolving credit facility borrowings that we are hedging. It does not represent our exposure to credit, interest rate or market risks.
The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain on derivative instruments, net on the condensed consolidated statements of operations for the three months ended June 30, 2024, and 2023:

Three Months Ended June 30, 2024
in thousandsRealized gain (loss) on derivative instruments, net Contractual net interest income (expense)Unrealized gain (loss), netGain (loss) on derivative instruments, net
Interest rate caps$251 $865 $(904)$212 
Interest rate swap— 348 (13)335 
Total$251 $1,213 $(917)$547 

Three Months Ended June 30, 2023
in thousandsRealized gain (loss) on derivative instruments, net Contractual net interest income (expense)Unrealized gain (loss), netGain (loss) on derivative instruments, net
Interest rate caps$— $1,405 $701 $2,106 
Interest rate swap— 281 1,099 1,380 
Total$— $1,686 $1,800 $3,486 

The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain on derivative instruments, net on the condensed consolidated statements of operations for the six months ended June 30, 2024, and 2023:

Six Months Ended June 30, 2024
in thousandsRealized gain (loss) on derivative instruments, netContractual net interest income (expense)Unrealized gain (loss), netGain (loss) on derivative instruments, net
Interest rate caps$251 $1,908 $(1,263)$896 
Interest rate swap— 696 678 1,374 
Total$251 $2,604 $(585)$2,270 

Six Months Ended June 30, 2023
in thousandsRealized gain (loss) on derivative instruments, netContractual net interest income (expense)Unrealized gain (loss), netGain (loss) on derivative instruments, net
Interest rate caps$— $2,500 $(849)$1,651 
Interest rate swap— 414 303 717 
Total$— $2,914 $(546)$2,368